MDA Ltd.: Bidding activity for LEO constellations still high despite slowing economy; Globalstar now making payments

by Peter B. de Selding

PARIS — Globalstar has made the first of two $7-million cash payments to contractor MDA Ltd. and agreed to pay a 7% annual interest on the outstanding amount due on its $327 million contract for 17 satellites Globalstar ordered for its Apple service contract.

The first payment, which MDA confirmed during a Nov. 11 investor call, was made Oct. 31. A second $7-million payment is due in November.

Globalstar has been working on a debt-financing package to pay the balance due on the . . .

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